ADGI Releases First Quarter 2002 Results Reports over $540,000 Net Income
NEW YORK, May 15, 2002 (BUSINESS WIRE) -- American Diversified Group, Inc. (OTCBB:ADGI), announced today that the company had net income of $540,070 on revenues of $2,324,441 for the first quarter of 2002 and had filed their Form 10-QSB with the Securities and Exchange Commission.
Przemystaw L. Kostro, recently appointed Chairman and Chief Executive officer of ADGI, highlighted that the net income for the first quarter substantially exceeded net income for the entire year 2001 and that the revenues were on target with the company's conservative goal of $12 million for the year 2002. Mr. Kostro also pointed out that the net income exceeded projections and the company continues its progress towards increasing profitability through growing revenues and by decreasing overhead.
The revenues of $2,324,441 represent a 206% increase from $758,933 over the same period last year, while the gross margin of $1,158,277 represents a 629% increase over the prior year margin of $158,981. Operating expenses actually decreased by 4.3%, amounting to $628,191 for the current year, down from $657,091 in the prior year. Finally, the company had net income of $540,070 in the current quarter compared to a net loss of $508,067 in the prior year.
Mr. Kostro continued on to say that, "We are very proud of our very talented and capable team of professionals who have worked diligently to achieve and implement our strategies. As we have been recently reporting, our current results demonstrate the validity of our international business model and is succeeding through these tough economic times. We have made substantial progress and believe we will continue to accomplish our established goals for this year and the long term."
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Placement Act of 1995. The words "forecast", "project", "intend", "expect", "should", "would", and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements. The above are more fully discussed in the Company's SEC filings.
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